Abu Dhabi’s ADNOC and Saudi Arabia’s Aramco have signed a framework agreement to explore potential opportunities for collaboration in the natural gas and liquefied natural gas (LNG) sectors.

The agreement between the two GCC oil and gas giants was signed during ADIPEC, the Middle East’s largest oil and gas conference and exhibition.

The co-operation brings together two of the world’s leading energy producers from the Arabian Gulf to work together in an area of strategic importance for both companies as they seek to boost revenues from natural gas and LNG business segments.

Under the terms of the agreement, ADNOC and Aramco will jointly assess investment opportunities across the LNG value chain that could unlock value and drive revenue growth for both companies. They will partner on techno-economic feasibility studies and exchange knowledge and experience in LNG growth markets.

The deal was executed by His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Amin Nasser, Saudi Aramco President and CEO.